On Sunday, China set a modest economic growth target of 5% this year during the annual National People’s Congress in Beijing, reports Reuters.
Analysts had predicted that China could set a GDP target as high as 6%, but the new target is lower than last year’s growth target of 5.5%.
“Global inflation remains high, global economic and trade growth is losing steam, and external attempts to suppress and contain China are escalating.”
– Li Keqiang, Premier of China
Last year, the world’s second-largest economy made one of its weakest performances in decades, when GDP grew by just 3% due to COVID controls.
